Weekly Crypto Analysis November 19-25, 2018

Weekly Crypto Analysis November 19-25, 2018

Bitcoin

Source: tradingview.com

The Bitcoin price took a serious dive to the downside for the past week and broke below both the 6,000 floor and the 5,770, which had been the previous 2018 low. The breakout itself is not a very good sign for the bulls and it could signal further weakness in Bitcoin.

Some buyers had emerged around 5,400 which is a very interesting level if we look at the weekly time frame. If sellers will manage to break below it, then the next support area to watch will be around 5,000, where we expect buyers to step in.

On the other hand, if you look at the daily time frame, we see an exhaustion selling with the last four candles getting smaller and smaller. If more than a consolidation will follow, the Bitcoin price could bounce back higher. We are in extreme oversold condition right now, so a so-called “dead cat bounce” might take place in the following days.

Ethereum

Source: tradingview.com

In line with the Bitcoin performance, Ethereum also weakened for the past week, but still, there’s something different. The price action did not break below the current 2018 low, keeping intact our assumption that this is part of a consolidation structure.

We also see the same weakening of the selling power, which means that even though the price might reach the 170-167 key support area, we should expect a strong reaction from the bulls around it.

On the upside, the 20 EMA (blue line) and then the 188-resistance level are expected to bring new sellers into the market, if a rebound will take place.

Unfortunately, we are again below the 4h chart 200 SMA (orange line) which confirms the dominance of the bears. We expect to see whether the current 2018 low will be breached in the next few days.

Ripple

Source: tradingview.com

Despite being affected by the slump we saw in the entire market, Ripple is one of the coins that managed to erase almost all the losses until the time of writing. The price action had briefly broken below the 200 SMA, but buyers had accumulated enough in order to push the price back higher.

What’s even more interesting and gives us hopes for further gains on the upside, is that the accumulation of buyers happened around the 0.45 key support area. We expect the price to continue higher towards 0.52 or even 0.55 in the near future.

On the other hand, a breakout below the 200 SMA and the 0.45 key support area will be needed in order to negate the current bullish momentum. Given how the price action unfolds right now, we think the chances of that happening at very low.

Briefings about ICOs

According to listico.io, Enkronos is a project that will raise funds until November 20th. It is a blockchain-based accountability system ensuring ethical behavior and complete protection of the personal data.

In terms of upcoming ICOs, Gigzi will start raising funds on November 23. It is a project that wants to address the three main challenges of cryptocurrencies: account vulnerability, wealth diminishment, and hyper-volatility.